Your mortgage is coming due?

Published on March 04, 2019 by MultiPrêts MR

At the end of your mortgage, do not accept the proposal of your current lender, in a large majority of cases it is not the best offer. So, what to do?

First, act quickly, at least four months before the due date. Generally, your lender will offer you to renew your loan 30 days before its maturity date; not all institutions will guarantee you to adjust rates downward if necessary; you will pay too much. In many cases you can get a better rate, guaranteed downwards, up to 120 days before your maturity date, thus obtaining the guarantee of the best possible rate for your renewal.

Before signing your renewal, take your time; refinance your mortgage or change the term, increase the amount borrowed and / or the amortization period are decisions that deserve careful study. Whether you are thinking of undertaking major renovations or simply beautifying your home, consolidating your debts or traveling; there is a mortgage renewal solution adapted to your situation.

Here are the main questions you will need to ask yourself before renewing your mortgage:

• Do I have to take out a mortgage in the short term (for example six months) or in the longer term?
• Is it better to opt for a fixed rate or a variable rate?
• What is my tolerance for risk?
• Is this the best deal?
• What are our plans for the future in the short, medium and long term? Which ones to prioritize?
• How can I pay my mortgage faster?
• How can I save the maximum interest?
• What are the repayment terms in the event of a sale before the end of the term of the loan?
• Etc.

The mortgage brokers of Multi-Prêts Mortages MR are there to ensure that your renewal is the result of an informed decision, contact us.